Truckee housing: Town OKs extra $100K to Artist Lofts loan
TRUCKEE, Calif. — The town of Truckee has long-touted a plan to redevelop the Railyard into a mixed-use housing and retail combo in the center of its downtown core, where local retailers and restaurateurs thrive.
Last week, town council approved a $100,000 increase in a loan provided to the developer behind the Truckee Artists Lofts portion of the Railyard Redevelopment Plan.
“The town loan commitment was extended to cover the March 2017 tax credit application period and the town loan was increased from $1.3 to 1.4 million,” said Town Manager Town Lashbrook. “And in return, of the 77 units, 10 were market and 67 were affordable. Now, 5 of the 10 would be restricted to moderate income or below.”
The artist lofts originally included 77 units with 10 priced at market rate, one unit reserved for a manager and the other 66 priced affordably — meaning they would be priced for and only available to wage earners in the low and extremely low income tax brackets.